Historically, the Company organized its operations into two reportable business segments: Identity and Premises. The Identity segment included products and solutions that enabled secure access to information serving the logical access and cyber-security market, and protected connected objects and information using radio-frequency identification ("RFID") embedded security. The Premises segment included the Company's solutions to address the premises security market for government and enterprise, including access control, video surveillance, analytics, audio, access readers and identities.

As disclosed in Note 1, Basis of Presentation and Note 3, Discontinued Operations, in the third quarter of 2024, the Company completed the sale of its Physical Security Business, which historically represented primarily the Company's Premises segment. As a result, the Company has one reportable segment: the IoT Business segment.

The IoT Business segment develops, manufactures, and supplies specialty Internet of Things ("IoT") solutions tailored for the healthcare industry and other high-value end markets. The Company's specialty RFID IoT devices are attached to or embedded into physical items, providing those items with a unique digital identity. The Company sells its products across multiple industries, focusing on pharmaceutical and medical devices, consumer electronics, mobile devices, wine and spirits, luxury goods, libraries, and logistics.

Geographic net revenue is based on the customer’s ship-to location. Information regarding net revenue by geographic region for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2024			2023			2024			2023
Americas	$	2,751		$	4,151		$	9,095		$	18,487
Europe and the Middle East		1,641			4,110			6,247			6,351
Asia-Pacific		2,140			3,471			4,589			7,259
Total	$	6,532		$	11,732		$	19,931		$	32,097

As percentage of net revenue:
Americas		42	%		35	%		46	%		58	%
Europe and the Middle East		25	%		35	%		31	%		20	%
Asia-Pacific		33	%		30	%		23	%		22	%
Total		100	%		100	%		100	%		100	%

One customer accounted for 16% and 11%, respectively, of net revenue for the three and nine months ended September 30, 2024. One customer accounted for 26% and 31%, respectively, of net revenue for the three and nine months ended September 30, 2023. One customer accounted for 15% of net accounts receivable as of September 30, 2024. Two customers accounted for 29% and 13%, respectively, of net accounts receivable as of December 31, 2023.

Long-lived assets by geographic location as of September 30, 2024 and December 31, 2023 are as follows (in thousands):


	September 30, 2024		December 31, 2023
Property and equipment, net:
Americas	$	82	$	65
Europe and the Middle East		217		355
Asia-Pacific		7,904		8,052
Total property and equipment, net	$	8,203	$	8,472

Operating lease right-of-use assets:
Americas	$	—	$	—
Europe and the Middle East		216		371
Asia-Pacific		1,894		1,918
Total operating lease right-of-use assets	$	2,110	$	2,289